We downgrade HSG to MARKET PERFORM from BUY while raising our target price by 10% to VND10,800/share as we revise up our FY2020/2021F NPAT-MI by 91%/47% due to a better-than-expected gross margin recovery in H1 FY2020 (HSG’s financial year end is September 30). We expect economic disruption from COVID-19 to peak by the end of June and business activity to substantially normalize during the course of Q4 FY2020. Meanwhile, HSG’s H1 FY2020 sales performance was in line with our expectation; there